By Mike S Payton, Contributing Reporter
MIAMI BEACH, FLORIDA – Miami rents have increased 0.8 percent over the past month, and are up marginally by 0.7 percent in comparison to the same time last year, according to a report by Apartment Lists. They also report that Miami Beach has the least expensive rents in the Miami metro, with a two-bedroom median of $1,280.
However another source, Rent Cafe, reports the average rent for an apartment in Miami Beach is $2,086, a five percent increase compared to the previous year, when the average rent was $1,993.
The difference is that Rent Cafe methodology is “exclusively based on apartment data related to buildings containing fifty or more units.” These large multifamily properties tend to be newer and more high-end than the rental stock as a whole.
The most expensive neighborhoods in Miami Beach listed by Rent Cafe are Star Island, Venetian Islands and West Avenue. The average size for a Miami Beach apartment is 836 square feet, but this number varies greatly depending on apartment type.
According to the more modest numbers from Apartment Lists, the current median rents in Miami stand at $1,080 for a one-bedroom apartment and $1,370 for a two-bedroom.
Still, realtor Bianca O’Donnell of Keller Williams Miami Beach explained that, “These prices are not our median South Beach rental prices. The lowest priced two-bedrooms available in Miami Beach $1,750 with the median price being about $2K.”
However she adds, “You will be able to find the median priced condos in the smaller art deco buildings located between 10th and 16th street from Washington to Alton. These prices are mainly due not having amenities in the building and no front desk staff.”
This is the second straight month that the city has seen rent increases after a decline in March. Miami’s year-over-year rent growth lags the state average of 1.4 percent, as well as the national average of 1.5 percent.
Throughout the past year, rent increases have been occurring not just in the city of Miami, but across the entire metro. Of the largest ten cities that we have data for in the Miami metro, all of them have seen prices rise.
Boca Raton has seen the fastest rent growth in the metro, with a year-over-year increase of 2.1 percent. The median two-bedroom there costs $1,870, while one-bedrooms go for $1,470.
Pembroke Pines has the most expensive rents of the largest cities in the Miami metro, with a two-bedroom median of $2,420; rents were up 0.6 percent over the past year but remained flat month-over-month.
As rents have increased marginally in Miami, a few large cities nationwide have also seen rents grow modestly. Compared to most large cities across the country, Miami is less affordable for renters.
Rents increased slightly in other cities across the state, with Florida as a whole logging rent growth of 1.4 percent over the past year. For example, rents have grown by 2.4 percent in Tampa and 2.4 percent in Jacksonville.
Even at the lower estimates from Apartment List, Miami’s median two-bedroom rent of $1,370 is above the national average of what they report as $1,190 (Rent Cafe lists the national average in June as $1,396). Nationwide, rents have grown by 1.5 percent over the past year compared to the 0.7 percent rise in Miami.
While Miami’s rents rose marginally over the past year, many cities nationwide also saw increases, including Austin (+3.6 percent), DC (+2.2 percent), and New York (+2.0 percent).
Renters will generally find more expensive prices in Miami than most large cities. For example, Memphis has a median 2BR rent of $830, where Miami is more than one-and-a-half times that price.